Federal Government Allocates N30 Billion to Each State to Tackle Rising Food Prices

The Senate President, Godswill Akpabio, has disclosed that the federal government, through the Federal Inland Revenue Service (FIRS), has allocated an additional N30 billion to each state governor in a bid to address the escalating cost of living across the country. Akpabio made this announcement during a plenary session in the Senate, highlighting that these funds are separate from the governors’ regular monthly allocations.

Akpabio emphasized that the allocated funds are specifically earmarked to combat the crisis of inadequate food supplies, urging governors to utilize them for this purpose and not for unrelated activities. He stressed the importance of transparency and accountability in the management of these funds to ensure they are effectively deployed towards ensuring food availability.

The Senate President also noted that there have been protests in various parts of the country due to the challenging economic situation. He highlighted the efforts being made by the Senate and the joint management team of the Federal Republic of Nigeria to address these challenges.

Food inflation has become a pressing issue in Nigeria, with many citizens grappling with the rising cost of food items. The Nigeria Bureau of Statistics reports that food inflation stands at 35.41%. Despite the government’s declaration of a state of emergency on food security and efforts to release commodities from the national strategic reserves to stabilize prices, food prices continue to rise.

The additional funds provided by the FIRS are expected to support state governments in their efforts to mitigate the impact of food inflation and ensure food security for their citizens. It is crucial for governors to effectively utilize these funds to address the immediate needs of their states and alleviate the burden on Nigerians facing food insecurity.

Nairametrics